ASX 200 lunch time report

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and dropped lower on Tuesday. At lunch it is down 1.65% to 5,843.4 points.

The financial and information technology sectors have been the biggest drags on the market, with only the utilities sector in positive territory at the time of writing.

Here are a few highlights from trade on the ASX 200 on Tuesday:

Federal Court rejects Westpac’s $35 million penalty.

The Westpac Banking Corp (ASX: WBC) share price is down 5.5% at lunch. While a good portion of this decline can be attributed to its shares going ex-dividend this morning, news that the Federal Court has rejected the $35 million settlement negotiated by the bank and ASIC has added to its woes. A penalty of $100 million has previously been suggested as being more appropriate.

Elders reverses its gains.

On Monday the Elders Ltd (ASX: ELD) share price was the best performer on the ASX 200, wheres today it is the worst performer and down 11.5% at lunch. News that Morgans has downgraded the agribusiness company’s shares to a reduce rating with a $7.80 price target appears to be the catalyst for this decline. Morgans felt its shares were fully valued.

Incitec Pivot results disappoint.

Also sinking notably lower today is the Incitec Pivot Ltd (ASX: IPL) share price after its full year results disappointed the market. The industrial explosives company reported a full year profit of $207.9 million, down 34.8% on the prior corresponding period. This was largely down to the previously announced first-half impairment against its explosives services business. Management also warned that high gas prices could be a challenge in FY 2019.

Best and worst performers.

Not all shares have sunk lower today. The best performer on the ASX 200 so far today has been the AGL Energy Limited (ASX: AGL) share price. It is up 1.5% as investors rotate to risk off assets. The worst performer is the Elders share price with its 11.5% decline, closely followed by Incitec Pivot, Westpac, and the Afterpay Touch Group Ltd (ASX: APT) share price which has fallen a further 5.5%.

As well as Afterpay Touch, a number of tech shares have been sold off today. This includes this one that has been tipped for big things in the future. Now could be an opportune time to take a closer look at it.

Japanese Billionaire’s Prediction Will Give You Goosebumps

When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can profit!

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Elders Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.